Ethics for Accountants: Minnesota

• Define ethics in the context of being ethical versus acting ethically.
• Identify the types of accounting services in which the fiduciary standard applies.
• Recognize the circumstances under which conflicts of interest can arise when a variety of accounting services are offered by a CPA or firm.
• Differentiate between rules-based, principles-based, and objectives-oriented accounting.
• Recognize the recent developments in reporting and standards-setting for small and medium-sized businesses and firms conducting business overseas.
• Interpret recent ethical inquires received by the AICPA.
• Recognize the primary components that serve as the foundation of the AICPA ethical standards.
• Distinguish between the AICPA Principles of Professional Conduct.
• Distinguish between the AICPA Rules of the Code of Professional Conduct.
• Define the key terminology used in the Statutes and Rules.
• Recognize the primary requirements and procedures for renewal of Minnesota individual licenses and firm permits.
• Define the enforcement procedures of the Board with respect to violations of the rules by licensees and firms.
• Define the continuing professional education requirements for licensees.
• Recognize the requirements for peer review.
• Define the rules with respect to professional conduct